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• Ethereum Classic token rose 22% after a Fed fee hike

• Investors see ETC benefiting from Ethereum shift to Proof-of-Stake

• ETC has met resistance, however bullish momentum is powerful

Ethereum Classic ETC/USD is among the high gainer cash on Thursday. The token added greater than 22% in 24 hours after the Federal Reserve hiked the rate of interest by 75%. The positive factors have been throughout the crypto sector, with the mom Ethereum token gaining by 11%. 

The positive factors in ETC and different cryptocurrencies mirrored a softer stance by the Fed. Markets feared a 100-basis level hike. A decrease hike was welcome, including a bullish impetus that noticed tokens comparable to ETC acquire.

The above-market positive factors in Ethereum Classic is also a results of one other growth. On July 27, information emerged that AntPool had invested $10 million within the cryptocurrency. AntPool already ranks because the third largest BTC mining pool. 

Investors comparable to AntPool see Ethereum Classic benefiting immensely as soon as Ethereum shifts to PoS. Once the merge is full, PoW mining on Ethereum will turn into redundant. That will enable miners emigrate to PoW chains comparable to Ethereum Classic.

Ethereum meets resistance after a 24-hour surge.

Source – TradingView

Technically, Ethereum Classic has met resistance at $34.5 after strong 24-hour positive factors. However, the crypto sentiment and token fundamentals stay robust. We consider ETC will proceed gaining as Ethereum merges approaches. However, the resistance may ship the worth decrease in a market correction. 

Investors ought to contemplate a possible retracement of ETC as a possibility to purchase. The token may slide again in the direction of the $26 assist. The token’s subsequent resistance is at $46.

Summary

Ethereum Classic is bullish after the Fed’s fee hike. An anticipated increase after the Ethereum improve is boosting the Ethereum Classic token. Investors should purchase the dip since ETC has hit a resistance.